The price of Bitcoin, the leading cryptocurrency by market cap, is currently approaching the $120,000 level.
Earlier today, it hit a fresh six-week high of $109,250. At press time, it is changing hands at $108,720.
The flagship cryptocurrency is currently just 4% away from reclaiming its all-time high of $124,128, which was logged on Aug. 14.
“Uptober” living up to its name
Even though some downplay the importance of seasonality, Bitcoin has had an exceptionally strong start this October.
The surge comes amid the U.S. government’s first shutdown since 2018 and 11th shutdown in modern U.S. history, finally ending its streak of underwhelming price action.
The Republicans and the Democrats could not come to an agreement on federal spending levels.
The U.S. is expected to shed $15 billion in GDP on a weekly basis. According to Polymarket bettors, there is only an 8% chance of the shutdown ending in the near future.
The cryptocurrency is seeing more demand as a non-sovereign store of value amid this period of uncertainty.
ETFs on hold
Even though the shutdown has seemingly given a much-needed boost to the rather anemic crypto market, it has also likely delayed the approval of cryptocurrency exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
“ETF Cryptober might be on hold for a bit,” ETF analyst Nate Geraci said in a recent tweet.
The influential agency has furloughed roughly 90% of its entire workforce.